Behavioral economists attribute some consumer behavior to the endowment effect. which of the following is an example of the endowment effect? an example of the endowment effect isa. being unwilling to sell a vase for a price that is greater than the price you would be willing to pay to buy the vase if you didn't already own it. b. being unwilling to sell a painting that you already own. c. being willing to will your descendents a car upon your death that you otherwise could have sold for a substantial price. d. buying lottery tickets with an expected value that is less than their price. e. taking into account nonmonetary opportunity costs such as the value of your time.

Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.